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Full Text of this Amendment

SA 17. Mr. TOOMEY submitted an amendment intended to be proposed by him to the bill S. 223, to modernize the air traffic control system, improve the safety, reliability, and availability of transportation by air in the United States, provide modernization of the air traffic control system, reauthorize the Federal Aviation Administration, and for other purposes; which was ordered to lie on the table; as follows:

At the end of title VII, insert the following:
SEC. __X. FULL FAITH AND CREDIT ACT.
(a) Short Title.--This section may be cited as the "Full Faith and Credit Act".
(b) Prioritize Obligations on the Debt Held by the Public.--In the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the authority of the Department of the Treasury provided in section 3123 of title 31, United States Code, to pay with legal tender the principal and interest on debt held by the public shall take priority over all other obligations incurred by the Government of the United States.

(As printed in the Congressional Record for the Senate on Feb 1, 2011.)